A Hartlepool cable firm at the middle of a takeover is being promised a dynamic future as the deal moves close to completion.
Polish company Tele-Fonika Kable has been given regulatory approval for its acquisition of JDR Cable Systems which has a base in Greenland Road in Hartlepool.
The opportunities from this acquisition are exciting, particularly in continuing to provide innovative products and services. JDR has ambitious plans for the future. We remain committed to being the best in technology, best in customer relationships, and best in continuous improvementRichard Turner
The completion, which is expected within a week pending final legal and administrative proceedings, comes as JDR revealed its new Chief Executive Officer, Richard Turner.
Richard joined JDR as Chief Operating Officer in 2014 to lead the global manufacturing, project management and supply chain functions.
He came with a background of senior management positions at Komatsu, Terex and Technip.
He said: “The opportunities for JDR from this acquisition are exciting, particularly in continuing to provide innovative products and services. JDR has ambitious plans for the future, and we remain committed to being the best in technology, best in customer relationships, and best in continuous improvement. Becoming part of the great trade organisation that is TFKable Group is a vital next step for JDR in achieving its aspirations.”
Richard will head the JDR leadership team alongside the company’s longstanding Chief Technology Officer, James Young. Both will join the JDR board along with TFKable Group’s board of directors.
David Currie, JDR’s current CEO and Ivan Coyard, currently Chief Financial Officer, will be taking up new roles as Executive Advisers to the new JDR Board.
Mr Currie described the acquisition as the “desired next step in the evolution of JDR to be owned by and to join a large industrial trade player.”
Monika Cupiał-Zgryzek, CEO of TFKable Group, said: “Acquiring JDR is an important step in building sustainable competitive advantage.
“It increases our production capacity and will allow us to further develop and leverage JDR’s cable systems and umbilicals. It builds a greater presence in particular global markets, such as offshore wind.”
As a result of the acquisition, the TFKable Group will now employ nearly 4,000 people worldwide.